Section 44ad
This query is : Resolved
03 July 2019
sir as per ur reply given ...., in case of person teaching in college like professor (done PHD) and tds deducted u/s 194J in that case we have to take income as salary or we can make profit and loss account or can take 44AD, plz guide
CA Pawan Koradia
(Expert)
03 July 2019
If TDS u/s 194J is deducted then it is not salary income. You can file return u/s 44ADA showing 50% profit.
04 July 2019
194J and 44AD will not match. Have to prepare I &E and BS since 44ADA is also
doesn;t apply in view of 44AA(1).
doesn;t apply in view of 44AA(1).
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CA Pawan Koradia
(Expert)
04 July 2019
Yes Warrier sir is right, you have to maintain books of accounts if profit falls below 50% and you have to get books of account audited if NTI exceeds 250000 which is income not chargeable to income tax ( Basic Exemption)
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